Saudi Arabia has issued licenses for 189 international and domestic investment projects worth SR24 billion ($6.4 billion) in the first quarter of this year, Amr Al-Dabbagh, the governor of Saudi Arabian General Investment Authority (SAGIA) said.
He said the figure was 828 percent higher than the investments secured by the country during the same period last year. Some of the new projects are vital joint ventures with international companies, he said in a press statement.
Al-Dabbagh said SAGIA was making strenuous efforts for the implementation of licensed projects within 30 days. "We have also started issuing licenses through the Internet to reduce the licensing time from 30 days to three days," he said. SAGIA has developed a large database on Saudi laws and regulations, in association with several consultancy offices, he said and described it the largest database in the Kingdom.
Earlier addressing a meeting with businessmen at the Riyadh Chamber of Commerce and Industry, Al-Dabbagh said SAGIA had reached agreements with government departments to find practical solutions to the difficulties facing businessmen.
Also yesterday, while addressing a seminar in Bahrain, Al-Dabbagh said his organization had set out an investment strategy after conducting field studies and personal interviews. "We provide all services and facilities in order to attract foreign investment. We also market viable investment opportunities in various parts of the country," he said.
